Saturday, October 31, 2009


Here are some excerpts from an excellent article by Dr. Ron Paul:

A false recovery is under way. I am reminded of the outlook in 1930, when the experts were certain that the worst of the Depression was over and that recovery was just around the corner.

"Instead, the interventionist policies of Hoover and Roosevelt caused the Depression to worsen, and the Dow Jones industrial average did not recover to 1929 levels until 1954."

"Anytime the central bank intervenes to pump trillions of dollars into the financial system, a bubble is created that must eventually deflate."

"We have seen the results of Alan Greenspan's excessively low interest rates: the housing bubble, the explosion of subprime loans and the subsequent collapse of the bubble, which took down numerous financial institutions. Rather than allow the market to correct itself and clear away the worst excesses of the boom period, the Federal Reserve and the U.S. Treasury colluded to put taxpayers on the hook for trillions of dollars. Those banks and financial institutions that took on the largest risks and performed worst were rewarded with billions in taxpayer dollars, allowing them to survive and compete with their better-managed peers."

"Even with the massive interventions, unemployment is near 10% and likely to increase, foreigners are cutting back on purchases of Treasury debt and the Federal Reserve's balance sheet remains bloated at an unprecedented $2 trillion."

"What is more likely happening is a repeat of the Great Depression"

"Government intervention cannot lead to economic growth. "

"Paying for these programs out of tax revenues is pure redistribution; it takes money out of one person's pocket and gives it to someone else without creating any new wealth."

"The only remaining option is to have the Fed create new money out of thin air. This is inflation. Higher prices lead to a devalued dollar and a lower standard of living for Americans. The Fed has already overseen a 95% loss in the dollar's purchasing power since 1913."

The reason so many Americans love Ron Paul is because he may be the only politician who is telling us the truth. He does not have a product to sell and he is no talking head be controlled by a Teleprompter. He is one of 'us'...He believes in the Constitution, limited smaller Federal Govt, returning the power to the State and the People, abolishing the Federal Reserve and the Income Tax, he is against Abortion, and for family values and moral decency. What is controversial about those ideals? Those are the basic principles that helped make this nation great...

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